Quote of the day
1.6.2014 Leave a comment
John Stanton wrote:
The USA and European Union (EU) continue on their downward trajectory in the 14th year of 21st Century. The perpetual state of war against terror, drugs, immigrants, the press and whistle-blowers moves on uninhibited. Another war, this time named Austerity, is being waged by USA and EU leaders against the middle and lower classes. Youth are particularly hard hit with the average unemployment rate in the EU at 23 percent. In the USA the figure is 17 percent according to the Bureau of Labor Statistics. But never mind that.
Cutting benefits, or, rather, throwing people away, will reduce the unemployment rate and that’s good for the economy. Such is the mindset of the financier class as reflected in the comments of Joe LaVorgna, chief economist at Deutsch Bank. He noted that in the USA, 23 percent of the 1.5 million who are losing their unemployment benefits will simply exit the work force, and another 850,000, at the state level, would give up on trying to find employment. LaVorgna stated that the unemployment will drop to 6.7 percent. Yippie!
Stanton here seeming channels thoughts previously explored by Zygmunt Baumann and Loïc Wacquant. Bauman wrote (2003, p. 5) that:
The production of ‘human waste’, or more correctly wasted humans (the ‘excessive’ and ‘redundant’, that is population of those who either could not or were not wished to be recognized or allowed to stay) is an inevitable outcome of modernization, and an inescapable accompaniment of modernity. It is an inescapable side-effect of order building (each order casts some parts of the extant population as ‘out of place’, ‘unfit’ or ‘undesirable’) and economic progress (that cannot proceed without degrading and devaluating the previously effective modes of ‘making a living’ and therefore cannot but deprive their practitioners of their livelihood).
Wacquant wrote (2009, p. 303)
Punishing the Poor contends that it is not the generic “risks and anxieties” of “the open, porous, mobile society of strangers that is late modernity” that have fostered retaliation against lower-class categories perceived as undeserving and deviant types seen as irrecuperable, but the specific social insecurity generated by the fragmentation of wage labor, the hardening of class divisions, the erosion of the established ethnoracial hierarchy guaranteeing an effective monopoly over collective honor to whites in the United States (and to nationals in the European Union). The sudden expansion and consensual exaltation of the penal state after the mid-1970s is not a culturally reactionary reading of “late modernity,’ but a ruling-class response aiming to redefine the perimeter and missions of Leviathan, so as to establish a new economic regime based on capital hypermobility and labor flexibility and to curb the social turmoil generated at the foot of the urban order by the public policies of market deregulation and social welfare retrenchment that are the core building blocks of neoliberalism.
The jobless poor, the masterless men and women who live in slums, basements, shelters, tent cities and, of course, on the streets of many cities, are fated to confront a bitter death as ‘freemen’ and ‘women’ or as prisoners within the vast prison apparatus that has grown these last 50 years. They are, however, artifacts produced by capital. As such, they also comprise signs that point to the barbarism of the age. The goal of our governors: To remove them from a shared everyday life and render to them faceless.
Good question
12.29.2012 Leave a comment
Michael Hudson asks:
The answer to these questions: Banks and other financial institutions want to keep as much of their income as they can. Transaction fees, regulations, oversight, taxes, etc. — these consume profits. America’s banks want to transfer these costs to others, namely, to those individuals who lack the political power to defend their standard of living. This cost transfer project amounts to a hidden and sometimes obvious tax the government levies on the 99%. When coupled to a system of risky and fraudulent financial transactions, elite looting and private debt creation, this cost transfer project amounts to little more than a predatory political economy.
The ridiculous fiscal cliff debate which now dominates America’s public life is but a crude expression of this predatory political economy.
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Filed under Commentary Tagged with Austerity Politics, Casino Capitalism, Class Conflict, Declining Standard of Living, Economic Predation, Exploitation, Federal government of the United States, Fiscal Cliff Debate, Government Deficits, Late-2000s financial crisis, Michael Hudson, Neoliberalism, Occupy Wall Street, Party Duopoly, Politics, Social Security, Superexploitation, United States, Wall Street